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For individuals whose Medicare Part B started in December 2019 and continuing through 2020, the standard Part B premium will be $144.60 (or higher depending on your income).
Most people new to Medicare will pay $144.60 in 2020. Some individuals who have been receiving Social Security checks for a number of years may pay slightly less, due to "hold harmless" provisions.
You’ll pay more than the standard premium of $144.60 if:
Your modified adjusted gross income (MAGI) as reported on your IRS tax return from 2018 is above a certain amount. If so, you’ll pay the standard premium amount plus an Income Related Monthly Adjustment Amount (IRMAA). IRMAA is an extra charge added to your Part B premium and Part D drug premium. The chart below shows how Medicare Part B & D premiums will be increased in all states including Colorado and surrounding states for high income earnings.
The "look back" is two years so your 2020 premium is based on your MAGI income from 2018.
2019 Nationwide Medicare Part B & Part D Premiums (including Colorado and surrounding states)
For Part B: You Pay
$77.40 + plan premium
If a retiree's current income is lower than the most-recent tax return, they may be eligible to appeal a Medicare premium surcharge — but only if the income drop is the due to specific life-changing events such as death of a spouse, divorce, marriage or retirement. If that is the case, clients should immediately respond to the premium surcharge notice, known as an income-related monthly adjustment amount (IRMAA) letter they receive in the fall, and follow the instructions on how to appeal the surcharge.